Posted by Lee/AR on 7/25/11 12:00pm
Msg #391105
A perspective about fees...
Y'all have seen the TIL where the total amount paid out-of-pocket is a whole lot more than the Loan Amount. Ditto...the Amort. Schedule where the first payment's interest is 'most of the payment'.... meaning, simply, in most cases the interest paid on the first payment or 2 pretty much covers the bank's expenses in getting that loan signed. The other approx. 118, 178, 358 (varied terms 10, 15, 30 years) interest payments keep the banks doors open, pay expenses and produce a profit for the bank. Which is why I don't want to hear the woe-is-us/notaries need to reduce their fees garbage I've been hearing.
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Reply by GOLDGIRL/CA on 7/25/11 12:26pm
Msg #391118
Lee - this post and the one you made earlier in response to the increase in fees charged by TCs and lenders are SO TRUE! They raise their fees to borrowers simply because they can. They have many fees they have to pay (example: Fed Ex is not giving them any breaks), so who do they pick on? The lower-than-whale poop notary. I don't want to hear any more sob stories about the down economy, struggling housing markets and poor borrowers. A TC and I parted company last year because they dropped their notary fee to $85 but the LO told me the same TC raised its fees to the bank. The next time I get a call saying "we have to keep our fees down" I'm going to quote the Bankrate study which shows an 8-10% increase in their fees!
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Reply by ME/NJ on 7/25/11 12:42pm
Msg #391123
I understand Keep fee up
But you need to realize there are far more notaries in some area's so companies can use the lowball fee.
Years ago I had the highest rate around, I still won't walk out door for x amount. Just in my town there are 2000 notaries add the surrounding area or county that makes 5000 people I need to compete with. I know of 5 who do the same exact thing I do within 5 miles and know 2 work for service link. So they do take lower offers.
My fee is set, work only for people that pay within 30 days I'm happy.
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